The M5OD was used behind the 302 also, and I'm pretty sure they are built with the same parts. There shouldn't be any difference between the internals of an I6 or V8 tranny. Now the '92-'96 M5OD is stronger than the '88-'91 M5OD but the newer ones don't have the provision for the speedometer. I'm told that you can use the tailshaft housing and speedometer gears from the older one to hook up the speedometer.
Your main problem is going to be engine wiring. You need to swap the engine harness and computer for the 5.0 to keep the fuel injection.
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